The price of bitcoin (BTC) rose above $48,000 on February 9 and has been consolidating ever since. Analysts at Material Indicators noted that whales were the main driver of the rally.

It is basically considered a bullish sign. The likelihood of a bitcoin top will increase as retail investors enter the market en masse, due to overheated cash and derivatives markets.

Why are whales driving up the price of bitcoin?

In recent months, megakits have sold large amounts of bitcoins, ranging from $33,000 to $40,000.

Orders in the range of $1 million to $10 million. The $8.5 billion increase on major cryptocurrency exchanges, including Binance, is significant.

But when the price of bitcoin began to consolidate above $33,000 after a correction from $40,000, demand from buyers of the whale has picked up.

According to analysts at Material Scientist, the whales represent an unusually high volume, about $150 million in 24 hours.

This figure shows that whales have been steadily accumulating bitcoins since Tesla announced it had bought $1.5 billion worth of BTC. They said:

And finally, the whales continue to propel the craft and gain speed! You may be wondering why it’s so much bluer. Bc Wale with an unusually high net press volume ($150 million in the last 24 hours)! Normally they represent only a small proportion of all CVD cases, but now they are the majority. So, that 50k pass was almost entirely whaling! BitcoinWal CVD Data. Source: Material displays

Why now?

According to analysts, the hype surrounding bitcoin’s public holdings is creating positive market sentiment around the dominant cryptocurrency.

Filbfilb, a pseudo trader in Bitcoin, said that in the current economic climate, shareholders are likely to demand that public companies secure their position after Tesla made a mockery of Bitcoin’s position.

Furthermore, Raul Pal, CEO of Real Vision Group, pointed out that bitcoin is still in the early stages of a recovery.

In terms of core business, bitcoin is still generally little known to casual investors. In 2017, many retail investors rushed to buy bitcoin, said Pal :

Today I got a call from my oldest and best friends who I have known since I was 6 years old. Some are rich, some are struggling. Only 2 of the 12 have bitcoins, and I’ve been begging and pleading for a year. On the other hand, my yoga teacher keeps asking me to pay in bitcoins! It’s still early.

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